GM

GM shares fell 9% and shares of Ford declined 2.6% on Tuesday.

"We are excited to move forward with the application process for the GM/Cadillac team to enter the Championship in 2026."

This revised bid is viewed differently because it will be GM entering as a team owner.

The new team will be a joint effort between GM and TWG, with Dan Towriss, owner of US team Andretti Global, and TWG’s Mark Walter as the other key investors.

GM’s entry will raise the number of car manufacturers building engines for F1 to six, in addition to Mercedes, Ferrari, Ford, Honda and Audi.